Global Markets:
- Asian Stock Markets : Nikkei down 0.59%, Shanghai Composite down 0.19%, Hang Seng down 0.81%, ASX down 0.27%
- Commodities : Gold at $1268.60 (-0.17%), Silver at $16.36 (-0.60%), Brent Oil at $74.14 (-1.57%), WTI Oil at $68.44 (-0.20%)
- Rates : US 10-year yield at 2.873, UK 10-year yield at 1.322, Germany 10-year yield at 0.336
News & Data:
- (CAD) Trimmed CPI y/y 1.90% vs 2.10% previous
- (CAD) Retail Sales m/m -1.20% vs 0.00% expected
- (CAD) Median CPI y/y 1.90% vs 1.90% previous
- (CAD) Common CPI y/y 1.90% vs 1.90% previous
- (CAD) Core Retail Sales m/m -0.10% vs 0.50% expected
- (CAD) CPI m/m 0.10% vs 0.40% expected
- (EUR) Flash Services PMI 55 vs 53.7 expected
- (EUR) Flash Manufacturing PMI 55 vs 55 expected
- (EUR) German Flash Services PMI 53.9 vs 52.2 expected
- (EUR) German Flash Manufacturing PMI 55.9 vs 56.3 expected
- (EUR) French Flash Services PMI 56.4 vs 54.3 expected
- (EUR) French Flash Manufacturing PMI 53.1 vs 54 expected
- China Vice Premier Liu: Both China And EU Agree To Resolutely Oppose Trade Protectionism
- Trump's 'Space Force' could fuel a new $1 trillion economy, Morgan Stanley says
- Japanese Yen, Australian Dollar Unlikely To Benefit From Wage Pleas
CFTC Positioning Data (Week Ending June 19th, 2018)
- EUR long 36K vs 88K long last week. Longs trimmed 52K
- GBP short 19K vs 11K long last week. 30K new shorts shift position to net short from long.
- JPY short 36K vs 5K long last week. 8K new shorts shift position to net short from long..
- CHF short 32K vs 37K short last week. Shorts trimmed 5K
- CAD short 14K vs 15K short last week. Shorts trimmed by 1K
- AUD short 43k vs 15K short last week. Shorts increased by 28K
- NZD short 16K vs 7K long last week. 23 new shorts shift position to net short from long.
Markets Update:
Asian stock markets are mostly lower on Monday amid worries about U.S.-China trade tensions after the Wall Street Journal reported that U.S. President Donald Trump plans to bar Chinese companies from investing in U.S. technology firms and also block additional technology exports to Beijing. Crude oil prices eased in Asian trades after surging on Friday.
As the threat of a full-blown trade war has become all the more real, MSCI’s gauge of stocks across the globe has fallen in five of the last six weeks, including last week, when it declined one percent – its biggest weekly drop in three months. Chinese mainland markets bucked the downward trend to open up; to slightly recover from last week’s bloodbath; however, they seem to have lost steam by midday.
The Australian market is flat after opening higher following the mostly positive cues from Wall Street and the surge in crude oil prices after the OPEC meeting. Gains by energy and mining stocks were offset by weakness in the banking sector. The Japanese market is declining as investors shrugged off the positive lead, and as the yen strengthens.
Oil prices were down Monday morning during Asian trade. OPEC ministers announced a deal on Friday that will increase oil supplies from the oil cartel, following a week of tense negotiations in Vienna, Austria. The producer group had been capping output in order to balance the market and boost prices for the last 18 months. The lack of clear output targets left markets confused.
Upcoming Events:
Monday, June 25th 2018
- 09:00 AM GMT – (EUR) German Ifo Business Climate
Tuesday, June 26th 2018
- 10:00 AM GMT – (GBP) MPC Member Haskel Speaks
- 10:30 AM GMT – (GBP) MPC Member McCafferty Speaks
- 03:00 PM GMT – (USD) CB Consumer Confidence
- 06:00 PM GMT – (USD) FOMC Member Bostic Speaks
- 11:45 PM GMT – (NZD) Trade Balance
Wednesday, June 27th 2018
- 02:00 AM GMT – (NZD) ANZ Business Confidence
- 09:00 AM GMT – (CHF) Credit Suisse Economic Expectations
- 09:00 AM GMT – (EUR) M3 Money Supply y/y
- 09:30 AM GMT – (GBP) BOE Gov Carney Speaks
- 09:30 AM GMT – (GBP) BOE Financial Stability Report
- 01:30 PM GMT – (USD) Core Durable Goods Orders m/m
- 01:30 PM GMT – (USD) Durable Goods Orders m/m
- 03:30 PM GMT – (USD) Crude Oil Inventories
- 04:00 PM GMT – (USD) FOMC Member Quarles Speaks
- 08:00 PM GMT – (CAD) BOC Gov Poloz Speaks
- 10:00 PM GMT – (NZD) Official Cash Rate
- 10:00 PM GMT – (NZD) RBNZ Rate Statement
Thursday, June 28th 2018
- All Day – (EUR) German Prelim CPI m/m
- 08:00 AM GMT – (EUR) Spanish Flash CPI y/y
- Day 1 – (EUR) EU Economic Summit
- 01:30 PM GMT – (USD) Final GDP q/q
- 01:30 PM GMT – (USD) Unemployment Claims
- 02:30 PM GMT – (GBP) MPC Member Haldane Speaks
- 05:00 PM GMT – (USD) FOMC Member Bostic Speaks
Friday, June 29th 2018
- 07:00 AM GMT – (EUR) German Retail Sales m/m
- 08:00 AM GMT – (CHF) KOF Economic Barometer
- 09:30 AM GMT – (GBP) Current Account
- 09:30 AM GMT – (GBP) Final GDP q/q
- 09:30 AM GMT – (GBP) Net Lending to Individuals m/m
- 10:00 AM GMT – (EUR) CPI Flash Estimate y/y
- 10:00 AM GMT – (EUR) Core CPI Flash Estimate y/y
- Day 2 – (EUR) EU Economic Summit
- 01:30 PM GMT – (CAD) GDP m/m
- 01:30 PM GMT – (CAD) RMPI m/m
- 01:30 PM GMT – (USD) Core PCE Price Index m/m
- 01:30 PM GMT – (USD) Personal Spending m/m
- 02:45 PM GMT – (USD) Chicago PMI
- 03:00 PM GMT – (USD) Revised UoM Consumer Sentiment
- 03:30 PM GMT – (CAD) BOC Business Outlook Survey
